How to open a bank account in Panama

Legal@Work provides the necessary support to help you open a bank account in Panama.

open bank account

We are partnered with select Panamanian banks to help fulfill your needs.

The paperwork can be performed from abroad. In general, the bank (or banks) shall require information and references about the commercial and banking profile of the interested party. In some instances, an interview or personal meetings with the future executive of your banking account in Panama will be required.

Once the request has been accepted by the bank, you will be able to make deposits and withdrawal of funds, execute transfers or submit instructions for investments, receive check books, credit cards, etc. With this, our task would be completed, with no link whatsoever regarding the movements of the account or transactions performed on it for discretion and confidentiality reasons.

We offer introductory services for opening the following and more bank accounts:

Depending on your chosen bank the requirements and procedures can differ, therefore, is important to look at the requirements of the banks you are interested on.

Personal Bank Accounts

Saving and Checking Accounts

  1. Present a valid passport or permanent residence card (Cédula E)
  2. Bank Reference Letter
  3. In case of not having the foreigner Cedula (E), a document must be presented that proves the client's relationship with Panama (company's documents, utility bills, etc...)
  4. Income Solvency

Corporative Bank Accounts

Saving and Checking Accounts

  1. Minimum initial deposit of $250 for Saving Account and $500 for Checking Account
  2. Minutes of the Board of Directors
  3. Articles of Incorporation or equivalent constitution document, and amendments if any
  4. Income Solvency
  5. Business bank references
  6. Valid passport or permanent residence card (Cédula E)
  7. Bank reference letter
  8. In case of not having the foreigner Cedula (E), a document must be presented that proves the client's relationship with Panama (company's documents, utility bills, etc...)

Partnered Banks

Our partnered banks offer an assortment of services that will help you navigate through your funds and transactions. We will help you choose a bank that best suits your needs and interests and provide assistance throughout the procedure.


This is Panama’s biggest private capital bank with over 75 locations and 600 ATM machines available across the country. Banco General offers different types of bank accounts depending on your purpose. They also have additional services, especially of commercial purpose like Yappy, to make transactions easier.

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Just behind Banco General in ranking, Banistmo is used by a good portion of the population, focused on salaried individuals with no major patrimony. They offer financial tools to help you achieve fixed-term goals, loans, and other services available like Nequi, which is similar to Yappy. Both Banistmo and Banco General are of commercial nature.

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Credicorp Bank also offers personal bank accounts, but as a bank of corporative nature, they mostly offer services for businesses or corporations with legal entities.  

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Unibank offers corporate banking, private banking, and digital banking like the previously mentioned banks. They help protect assets through Guarantee Trust, Administrative Trust, Investment Trust, Real Property Development Trust, Asset Protection Trust, and Escrow.

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